Transcript: Nightly Business Report – June 15, 2018

ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Sue Herera and Bill
Griffeth.

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR: Tariff tantrum. The White
House slaps tariffs on Chinese goods. China retaliates and investors are
left wondering what comes next.

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Open house. Homes are selling
in record time, even as prices rise, making for a very competitive weekend
for house hunters.

GRIFFETH: Food fight. One year ago, Amazon (NASDAQ:AMZN) rattled the
grocery industry with the acquisition of Whole Foods. But has the sector
changed all that much as expected?

Those stories and more tonight on NIGHTLY BUSINESS REPORT for this Friday,
June the 15th.

HERERA: Happy Friday and good evening, everyone. Welcome.

China is striking back. That country announcing retaliatory tariffs on
American products. This after the White House made good on its threat to
impose tariffs on Chinese imports which we reported was likely to happen.
The announcements follow a week of tense talks between the world`s two
largest economies, and it raises the potential for a trade war.

Kayla Tausche has the details tonight from Washington.

(BEGIN VIDEOTAPE)

KAYLA TAUSCHE, NIGHTLY BUSINESS REPORT CORRESPONDENT: At an impromptu
exchange with reporters on the White House north lawn, President Trump had
praise for China`s Cooperation on North Korea, but condemnation for its
trade practices.

DONALD TRUMP, PRESIDENT OF THE UNITED STATES: We`re putting tariffs on $50
billion worth of technology and other things, because we have to, because
we`ve been treated very unfairly, but China has been terrific. President
Xi has been terrific. President Moon, everybody, we`re all working
together, which is —

TAUSCHE: Tariffs on some 800 Chinese products worth an estimated $34
billion will take effect in three weeks. An additional $16 billion could
be put in place after July 31st.

The goal is to pressure China to make structural reforms that protect U.S.
companies` intellectual property. China warned the U.S. was provoking a
trade war. Hours later, unveiling a plan to levy its own tariffs on that
same date, totaling the same amount on 545 U.S. products like agricultural
products and automobiles.

China said additional tariffs on medical equipment and chemicals could come
separately. While the U.S. decided not to charge TVs and pharmaceutical
products from China in order to minimize the impact on American consumers,
industry groups were still dissatisfied, saying tariffs on components of
these items will still lead to higher prices for TVs, computers, and
phones.

The U.S. Chamber of Commerce says the tariffs aren`t the right approach and
will hurt American consumers, manufacturers, and farmers. The biggest hit
from China`s retaliation would be felt by U.S. companies sending cars,
planes, and ships to China. After that, soybeans, followed by plastics,
rubber, and other chemicals according to an analysis by Peterson Institute
for International Economics.

U.S. business leaders agree China needs to be held accountable, but it`s
unclear if President Trump`s strategy will be successful.

STEVE ODLAND, COMMITTEE FOR ECONOMIC DEVELOPMENT: It is unconventional,
and it`s unproven. So I think the world is watching to see whether this is
just gamesmanship.

TAUSCHE: So far, the brinksmanship has yet to hit economic growth, but
fears of an escalating and protracted trade war could take a toll if the
uncertainty causes businesses to pull back on investments.

For NIGHTLY BUSINESS REPORT, I`m Kayla Tausche in Washington.

(END VIDEOTAPE)

GRIFFETH: A number of U.S. companies with global operations responded to
those tariffs. Among them, Boeing (NYSE:BA) said today it is assessing
their possible impact on its supply chain. FedEx (NYSE:FDX) said the
tariffs on Chinese goods will raise prices for American businesses and
consumers. And General Electric (NYSE:GE) said it is concerned that these
tariffs will make it harder for U.S. manufacturers to compete in the global
economy.

HERERA: Rising trade tensions have kept investors on guard in recent
months, and today it was no different. After falling as much as 280
points, by the close, the Dow Jones Industrial Average was do 84 points to
25,090. The Nasdaq fell 14, and the S&P 500 slipped three. For the week,
the major averages were mixed.

Bob Pisani has more on the down day on Wall Street.

(BEGIN VIDEOTAPE)

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT: Simmering trade
tensions once again took the stock market for a ride, snapping a three week
win streak for the S&P 500. Stocks first sold off on President Donald
Trump`s tariffs announcements, but managed to end well off session lows.
The news didn`t exactly come as a surprise to investors. The bigger
question, though, is how much could trade tensions escalate from here?

The markets overall had a defensive tone throughout the day. Consumer
staples, and telecom, and real estate led the gains. Materials, energy and
industrials slumped. And remember, these are all heavily exposed to
commodities and trade.

Caterpillar (NYSE:CAT) was the biggest drag on the Dow, no surprise there.
Caterpillar (NYSE:CAT) is a big multinational industrial that`s become in a
sense a proxy for the trade wars. Same story with Boeing (NYSE:BA).

But the other big issue is a strong dollar. Many of these multinational
companies could get hit hard by a stronger dollar and we could start to see
some of this commentary creep up in earnings report next month.

Still, the markets ended at just about break-even for the week, much of the
sector leadership, consumer discretionary, consumer staple stocks still
intact, thanks to a strong data on consumer spending and corporate earnings
that showed no signs of running out of steam.

For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock Exchange.

(END VIDEOTAPE)

GRIFFETH: Now, one small business owner is watching this trade fight very
closely, because her company took a hit, when cheap Chinese products began
flooding the market here in the U.S.

But as Kate Rogers (NYSE:ROG) reports tonight, she did something about it
and she won.

(BEGIN VIDEOTAPE)

KATE ROGERS, NIGHTLY BUSINESS REPORT CORRESPONDENT: Kathie Leonard has run
Auburn Manufacturing for almost four decades. The company has two facility
in Maine and manufactures heat and fire resistant fabrics for industrial
use, selling to businesses in oil, petroleum, shipbuilding and even the
U.S. Navy.

A few years ago she began losing sizable contracts. Leonard watched about
30 percent of her business in fabric disappear, causing her to lay off ten
employees, about 20 percent of her workforce. She began to explore why.

KATHIE LEONARD, AUBURN MANUFACTURING PRESIDENT & CEO: As we delved further
into that, we found that the materials were coming from China. We were
losing contracts. We found these prices were up to 30 percent less than
our prices.

ROGERS: The products were being sold to her competitors.

LEONARD: That was when we said, look, we got to do something.

ROGERS: Leonard hired a law firm that handles trade matters and helped her
file an antidumping case with the Department of Commerce. Eighteen months
and almost $1 million later, the DOC ruled in their favor, placing an
import duty between 200 percent and 300 percent on that same product her
competitors were buying from China.

LEONARD: I felt ebullient for a moment and then just grateful that it was
over. And then moved quickly on to sort of weary about the future, because
it doesn`t mean you win-win and, all of a sudden you get all the — you get
all your market back and you make more money. It doesn`t work that way.

ROGERS: And while she`s hired more workers and gained back some clients,
Leonard says the business is still feeling the impacts of Chinese dumping.

LEONARD: Those folks who left are not the ones that came back. They found
other jobs, they`ve moved on, so it really does hurt a company like ours in
that we have to find new people and train them to do these jobs.

ROGERS: In the meantime, Leonard has been keenly watching the White House
take on China and other nations as it tries to renegotiate trade deals in
favor of the U.S.

For NIGHTLY BUSINESS REPORT, I`m Kate Rogers (NYSE:ROG).

(END VIDEOTAPE)

HERERA: AT&T`s purchase of Time Warner (NYSE:TWX) has closed. The two
companies wasted no time making the announcement two days after a judge
ruled that the deal does not violate antitrust laws. AT&T`s CEO Randall
Stephenson said the combined company will help change how the media and
entertainment industry works.

(BEGIN VIDEO CLIP)

RANDALL STEPHENSON, AT&T (NYSE:T) CHAIRMAN & CEO: People who over the last
year said this world of entertainment companies are in decline, oh, my,
we`re building out new forms of distribution. I mean, 5G is coming. There
are going to be opportunities to distribute premium video like we never
imagined. And we actually believed at the time that premium video was a
great place to invest and to be and the tech companies are just
demonstrating that to us, so we want to participate in this.

(END VIDEO CLIP)

HERERA: The Time Warner (NYSE:TWX) unit will be renamed Warner Media.
Warner Media will fall under the umbrella company of AT&T (NYSE:T). Shares
of AT&T (NYSE:T) finished about 2 percent higher.

GRIFFETH: Meantime, the European Union has cleared the way for Comcast
(NASDAQ:CMCSA) (NYSE:CCS) to buy British broadcaster Sky for $31 billion.
Comcast (NASDAQ:CMCSA) (NYSE:CCS) submitted its offer in April, prompting
Sky to drop its support for a lower bid from Fox. The Sky acquisition
would substantially increase Comcast`s international operations. And as a
reminder, Comcast (NASDAQ:CMCSA) (NYSE:CCS) is the parent company of CNBC,
which produces this program.

HERERA: To economic news, an industrial production which unexpectedly fell
in may. Industrial output, which is a measure of everything produced by
the nation`s factories, mines, and utilities slipped 0.1 percent last month
in part to a fire at a major Ford supplier but also ends three straight
months of gains.

GRIFFETH: Consumer sentiment has risen to its highest level in three
months, according to the latest survey, consumers are upbeat about their
future income and job prospects. Of course, when consumers feel good, in
theory they spend more, which helps lift economic growth.

HERERA: And when consumers feel really good about their economic
prospects, they are more likely to make big purchases such as a house. But
if you`re planning on house hunting this weekend, get ready to rush. Homes
are selling at a record pace as competition in the market heats up, but
there may be a chill on the way.

Diana Olick has more.

(BEGIN VIDEOTAPE)

DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT: This fully renovated
six-bedroom bungalow went under contract in less than a week, in an up-and-
coming D.C. neighborhood that isn`t even quite there yet. The competition
is just that fierce.

MICHAEL ALDERFER, REDFIN REAL ESTATE AGENT: We`re probably seeing, you
know, maybe three to four offers on a house, bidding wars are going up and
prices are going up, as well.

OLICK: And it`s not just here in D.C. Nationwide, the average home sold
in May went under contract in just 34 days according to Redfin. That broke
April`s record of 36 days. Redfin began tracking this in 2010.

Homes are selling so quickly because there are so few for sale. More new
listings did come on the market in May, but the total supply of homes for
sale was still over 5 percent lower than last May. The shortage of
listings continues to drive prices higher and insight bidding wars.

JACK MICENKO, SUSQUEHANNA FINANCIAL GROUP: That`s the supply/demand
imbalance, excess demand and not enough supply. And when we look at rates
and we look at affordability, what`s driving the market today, the entry
level has begun to come back in a real way.

OLICK: But higher mortgage rates are coming back, as well. By May, the
popular 30-year fixed hit the highest level in seven years.

Despite all the competition, nearly a quarter homes sold in May had already
seen price reductions. That`s the highest level since last September. It
could be a sign that higher interest rates and higher home prices are
finally hitting affordability.

MICENKO: It may just be that sellers are overreaching at times for the
price and there`s a slight correction there, but good homes priced well are
still flying off the market.

OLICK: Precisely why this one didn`t last the week.

For NIGHTLY BUSINESS REPORT, I`m Diana Olick in Washington.

(END VIDEOTAPE)

GRIFFETH: Time to take a look now at some of today`s upgrades and
downgrades. We begin with shares of Southwest Airlines (NYSE:LUV). They
were downgraded to hold from buy at Argus, over the short term at least.
The analysts there cites pressure from rising fuel costs in the coming
quarters, but the firm has a favorable outlook on the stock longer term.
Shares rose a fraction today to $52.18.

AMD`s price target was raised to $21 a share at Cowen. The analyst
predicts the chip maker will report better than expected profits in 2020.
The firm maintains its outperform rating. Shares rose slightly to $16.34.

HERERA: Davos price target was cut to $39 at JPMorgan (NYSE:JPM). The
analyst cites persistent margin headwinds. The call comes after Davos
reported a strong quarter but weaker than expected cash flow. The stock
fell 6.5 percent to $27.73.

And coverage of United Technologies (NYSE:UTX) was resumed with an
overweight rating at Morgan Stanley (NYSE:MS). The analyst cites the
potential for corporate restructuring and if positive on the Rockwell
Collins (NYSE:COL) acquisition. The price target there is $160. The stock
fell just slightly today to $126.91.

GRIFFETH: Still ahead, a stock our market monitor says is in the sweet
spot. His list of recommendations coming up.

(MUSIC)

GRIFFETH: Late today, Theranos founder Elizabeth Holmes was charged with
wire fraud and the company announced that she was also stepping down as
CEO. All of this three months after she was sued by the Securities and
Exchange Commission for what it called massive fraud. Today`s indictment
accuses Holmes of engaging in a multimillion dollar scheme to defraud
investors.

At its peak, Theranos had a value of $9 billion and claimed to have a
revolutionary system that would change the blood testing industry. That
claim, though, has since been widely called into question.

HERERA: A court has approved Wells Fargo`s $142 million class action
settlement. The agreement compensates customers who were part of the
bank`s fake account scandal. The money will go to anyone who claims an
account was opened without their consent. Wells Fargo (NYSE:WFC) calls it
a significant step forward for the bank.

GRIFFETH: And Citigroup (NYSE:C) agreed to pay $100 million to settle
charges that it rigged a benchmark interest rate. The suit filed by 42
state attorneys general had alleged that Citi manipulated the so-called
LIBOR rate as a way to increase its profit at the expense of investors.
The LIBOR rate as you may know is used to price everything from credit
cards to mortgages.

HERERA: OK, take yourself back one year ago. It was then that Amazon
(NASDAQ:AMZN) said it would buy Whole Foods. The announcement sent a chill
through the sector, pressuring grocery stocks with many saying the industry
would be turned upside-down.

Courtney Reagan looks at where things stand one year later.

(BEGIN VIDEOTAPE)

COURTNEY REAGAN, NIGHTLY BUSINESS REPORT CORRESPONDENT: One year ago, two
new players entered the highly competitive U.S. supermarket industry,
Amazon (NASDAQ:AMZN) with its purchase of Whole Foods and low priced German
grocer Lidl.

Many expected the two would user in big change quickly, but that`s not
happened. Something Whole Foods shoppers have noticed.

UNIDENTIFIED FEMALE: There are a few items cheaper. Generally, I don`t
notice anything that`s worse.

UNIDENTIFIED FEMALE: I think, initially, there seem to be some bumps in
the supply chain, some things that used to be regulars on the shelves
weren`t there anymore.

UNIDENTIFIED MALE: It seems like a lot of things are missing from the
store.

REAGAN: It`s taken longer than many expected for Amazon (NASDAQ:AMZN) to
begin integrating what it`s known for, decent prices and fast delivery.
Whole Foods did cut prices on core items like milk, eggs, and bananas right
out of the gate, but that was pretty much it. It was just last month that
prime members in some stores got a 10 percent discount on hundreds of
items. As of this week, less than half of stores offer this benefit.

When it comes to online grocery delivery, Whole Foods still offers
Instacart as an option for an additional fee, but grocery delivery for
prime members is only available in 14 cities.

Even though change has been slow, it hasn`t stopped shoppers from coming
into stores.

ED YRUMA, KEYBANC ANALYST: In our store checks, we`re seeing not only
higher traffic, but more importantly hearing consumers say I would shop at
whole foods and these other stores for other parts of my grocery store
trip.

REAGAN: While Amazon (NASDAQ:AMZN) has been a low price leader online, Lidl
has been a low price leader in Europe for decades. And it opened its first
U.S. store a year ago today.

Lidl`s original goal was to open up to 100 stores in the first year.
Today, there are just 53. The grocer says it`s changing its original U.S.
strategy and looking at different sizes and locations for its stores.

A recent survey shows nearly half of consumers who tried Lidl are shopping
there regularly and spending more than they were a year ago.

Lidl and Whole Foods put Walmart and Kroger (NYSE:KR) on the defensive.
The top two grocers in the country maintained their position by investing
in online ordering and different delivery options and it appears to have
paid off.

YRUMA: You`re seeing Walmart and Kroger (NYSE:KR) moved at a really rapid
speed to cut prices, add technology, make the stores more attractive.
They`re cutting prices. They`re trying to make sure that their consumer
doesn`t have reason to try some of these other places like a Whole Foods or
like a Lidl.

REAGAN: But the food fight isn`t over yet.

For NIGHTLY BUSINESS REPORT, I`m Courtney Reagan in New York City.

(END VIDEOTAPE)

GRIFFETH: Canada Goose reports a surprise profit and that`s where we begin
tonight`s “Market Focus”.

The luxury apparel maker more than doubled its sales this quarter, helping
results blow past expectations. The company also says it sees revenue
growing at least 20 percent over the next three years. Shares soared as
you might imagine by 33 percent to $61.02.

Apple (NASDAQ:AAPL) is reportedly planning to use LCD screens as opposed to
OLED screens in the upcoming iPhone models because they are cheaper for the
consumer. The news weighed on shares of Universal (NYSE:UVV) Display and
LG Display (NYSE:LPL), two companies that supply those OLED screens.
Shares of Universal (NYSE:UVV) display were off nearly 5 percent. While we
had LG Display (NYSE:LPL) shares down more than 7 percent in today`s trade.

Then, General Motors (NYSE:GM) is reportedly considering publicly listing
shares of its self-driving car unit or spinning off the division entirely.
Bloomberg says the carmaker is in talks with banks about that potential
whatever options they may have for that. Shares of General Motors
(NYSE:GM) rose fractionally to $43.91.

HERERA: Bristol-Myers says its lung cancer drug has been approved by
Chinese legislators, marking the first immunoncology treatment to be
approved in China. The medication is already approved in more than 60
other countries. Bristol-Myers shares climbed 2 percent to $54.80.

“Reuters” says that Qualcomm`s $44 billion merger with NXP semiconductors
has not been approved by Chinese regulators just yet. That report came
after Bloomberg and a Chinese publication both said the deal was given the
green light by China`s Ministry of Commerce. NXP shares were up a fraction
to $113.16. Shares of Qualcomm (NASDAQ:QCOM) also rose slightly to $59.86.

GRIFFETH: This week`s market monitor is betting that his three picks will
continue to offer investors growth, income, and reasonable valuations.
It`s his first time with us as market monitor.

Mike Bailey is director of research at FBB Capital Markets.

Mike, thanks for joining us tonight.

MIKE BAILEY, FBB CAPITAL PARTNERS DIRECTOR OF RESEARCH: Yes. Thanks for
having me.

GRIFFETH: So, you want growth, income, and value. Sounds like you want it
all with these three.

BAILEY: We want it all, that`s right. We`re greedy. We want your cake
and eat it, too. We think some of these opportunities are out there. So –

HERERA: So, let`s start first with your first pick, which would be the
symbol ROP, Roper Technology. And you say they have an edge by going in
and kind of remedying a problem that an existing company might have.

BAILEY: That`s right. This is — Roper is one of the more interesting
industrial companies that nobody has ever heard of. They don`t have a big
flashy turbo engine or something to sort of put on TV. They`re just —
they`re are a collection of a bunch of really small products and companies
that previously before Roper came along were — had a nice assets, but were
run poorly.

Roper really scours the earth, looks for good products and increasingly
technology and software buys these businesses, brings them in house and
really kind of streamlines things and brings in a new management team. And
they`ve got a great track record in terms of boosting margins, kind of
ripping costs out of the system and growing nicely. So, actually kind of
finished up one big wave of projects and on to their next wave.

They are planning on putting away $7 billion into some new acquisitions the
next four years. They actually just made their first deal, first of the $7
billion, and Wall Street is already starting to take their profit estimates
up. So, I think we`ve got a very nice runway over the next few years.

GRIFFETH: Now, here`s a company everybody`s heard of but in a very
competitive area. That would be Charles Schwab in the brokerage industry.

BAILEY: That`s right. So, Schwab, as you said, definitely becoming more
of a household name. They are really doing very nicely. So, in a very
short term, certainly, tax cuts are helping them among other companies.
Other thing that`s helping Schwab is rising interest rates. So, most
people think of Schwab as, you know, just kind of a discount broker. You
know, you go and you do trades online for $5.

In fact, they actually are a bank in a way. That`s really where they are
generating a ton of profits and their bank was essentially making nothing
last year and as rates go up, they are making very nice interest income on
massive amounts of cash in their system.

So, we`re seeing profits really kind of spike up on the 2018. The
question, you know, might be is it a sugar high? Does that fall off next
year? They have nice growth over the next couple of year to continue. So,
we like the story there and they are taking their dividend up. So, that`s
another attractive part.

HERERA: That`s another one.

Microchip Technologies, you say they have two ways to win. One, gross
earnings by acquiring smaller semiconductor companies or they get acquired.

BAILEY: That`s right. So, you can maybe think in your imagination kind of
the big fish eating a little fish kind of thing. Microchip is kind of that
fish in the middle. So, you know, they`ve been doing a pretty good job the
last few years looking around at smaller competitors, really buying them
up.

Similar to what Roper has done, really stripping costs out of the system,
kind of making the business grow more quickly and they`ve done a good job
with that. They just sort of bought another company a couple months ago.

However, we do think that Microchip is in a bit of a sweet spot, so they
are big enough that, you know, a much bigger semiconductor company can
swoop in and buy them and micro chip is big enough to really move the
needle for one of the larger companies out there. So, we do think it`s one
of the rare semiconductor companies in the middle spot where they can make
money on both sides.

GRIFFETH: Very good. Mike, good to see you again. Thanks for joining us
tonight.

BAILEY: Great. Thanks for having me.

GRIFFETH: Mike Bailey with FBB Capital Partners.

And you can read more about his picks. Just go to our Website at NBR.com.

HERERA: Coming up, companies that are taking a swing at golf`s growth.

(MUSIC)

GRIFFETH: Merrill Lynch is considering an about-face when it comes to
retirement accounts with the demise of the so-called fiduciary rule. The
firm is now looking into reversing a policy of banning commissions on such
accounts. The rule required brokers to act as fiduciaries, placing client
interests ahead of their own. Commissions were seen as creating the
potential for brokers to offer conflicted advice, though.

HERERA: Google`s latest report on diversity shows little has changed at
the company. The number of women, black, and Latin employees rose just 0.1
percent in the past year. Google (NASDAQ:GOOG) did report changes at the
leadership level. Global female leaders reached more than 25 percent, up
from about 21 percent in 2014. The company says it plans to focus on
diversity efforts and is optimistic it will make progress.

GRIFFETH: The U.S. open golf tournament is under way at Shinnecock Hills
Golf Club this weekend in Southampton, New York. The game has made big
strides in recent years. But to attract new and younger players, new
fashion trends are emerging on the greens.

Dominic Chu, lucky guy that he is, is watching the action for us tonight.

(BEGIN VIDEOTAPE)

DOMINIC CHU, NIGHTLY BUSINESS REPORT CORRESPONDENT: Golf looks a lot
different today than it did just 60, 40, or even ten years ago. As the
game has evolved beyond just a secluded country club and exclusive zip
codes across the world, so have the trends in golf clothing. And much of
that is on display at this year`s U.S. open golf championship at Shinnecock
Hills.

Knee high socks and loose-fitting clothes are out.

MARY LOPUSZYNSKI: Performance fabric is still trending. Colors, bright
colors, neons, that`s trending. Fit instead of a big, you know, blousy
oversized golf shirt. People are now wearing more fit pieces. And I think
that one big thing we`re seeing is a lot of at leisure, so quarter zip,
pullovers.

CHU: The golf industry is looking to broaden appeal and a variety of
companies are taking advantage of that opportunity. From upstarts like 4A
Golf, where a team of industry veterans are looking to find the
intersection between the fairway and the runway with a line of fashion
toward women`s attire. Melbourne Golf wants to bring West Coast street
wear to the links. And athletic apparel giant Puma is gearing some of its
strategy towards bringing a youthful approach to retro designs.

Much of the growth in golf is coming from younger players, with women and
girls making up a bigger part of that story, and golf brands are watching
those trends very closely.

For NIGHTLY BUSINESS REPORT, I`m Dominic Chu in Southampton, New York.

(END VIDEOTAPE)

HERERA: And before we go, here`s another look at the day on Wall Street.
The Dow was down 84 points to 25,090, the Nasdaq fell 14, and S&P slipped
three. For the week, the major averages were pretty much mixed.

And that does it for NIGHTLY BUSINESS REPORT tonight, I`m Sue Herera.
Thanks for watching.

Happy Father`s Day.

GRIFFETH: Thank you, and to your husband, as well.

I`m Bill Griffeth. Have a great weekend. Happy Father`s Day to all the
fathers. We`ll see you Monday.

END

Nightly Business Report transcripts and video are available on-line post
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and commentators are their own and do not necessarily represent the views
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Business Report is not and should not be considered as investment advice.
(c) 2018 CNBC, Inc.

 

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